UPDATE: Morgan Stanley's (MS) Head of Rates Trading Hadden Leaves

(Updated - January 6, 2014 3:06 PM EST)

Morgan Stanley head of interest-rate trading, Glenn Hadden, is said to have left the company.

Replacing Hadden will be Mitch Nadel and Jakob Horder, according to Bloomberg. Nadel led liquid flow rates in North America, while Horder was head of global structured rate products.

Interest-rate trading is an area that Morgan Stanley has been working to improve, though it wasn't made clear whether or not Hadden's departure was in connection with initiatives being made by the bank. Hadden was hired from Goldman Sachs (NYSE: GS) in 2011.

During a recent conference call, Morgan Staley said that the rates unit was at historically low levels given the challenging environment. The unit had a return on equity of about 5 to 10 percent in 2012 and the bank was looking to bring that level back above 10 percent.

Shares of Morgan Stanley are up 0.6 percent.

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